Page:United States Statutes at Large Volume 76.djvu/1284

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D.C. Code 31725.

Effective date of increases.

D.C. Code 31721 et seq. "Price index "

PUBLIC LAW 87-881-OCT. 24, 1962

[76 STAT.

(d) No increase provided by this section shall be computed on any additional annuity purchased at retirement by voluntary contributions. (e) The limitation contained in the next to the last sentence of section 5(c)(1) of the Act entitled "An Act for the retirement of public-school teachers in the District of Columbia", approved August 7, 1946 (60 Stat. 875), as amended, as enacted by the Act of July 2, 1956 (70 Stat. 487), shall not be effective on and after the effective date of this section. (f) The increases provided by this section shall take effect on the effective date of this section, except that any increase under subsection (b) or (c) shall take effect on the beginning date of the annuity. (g) The monthly installment of annuity after adjustment under this section shall be fixed at the nearest dollar. SEC. 202. The Act entitled "An Act for the retirement of publicschool teachers in the District of Columbia", approved August 7, 1946, as amended, is amended by adding at the end thereof the following new sections: "SEC. 21. Whenever used in this Act the term 'price index' shall mean the annual average over a calendar year of the Consumer Price Index (all items—United States city average) published monthly by the Bureau of Labor Statistics. "SEC. 22. (a) After January 1, 1964, and after each succeeding January 1, the Commissioners of the District of Columbia shall determine the per centum change in the price index from the later of 1962 or the year preceding the most recent cost-of-living adjustment to the latest complete year. On the basis of such Commissioners' determination, the following adjustments shall be made: "(1) Effective April 1, 1964, if the change in the price index from 1962 to 1963 shall have equaled a rise of at least 3 per centum, each annuity payable from the fund which has a commencing date earlier than January 2, 1963, shall be increased by the per centum rise in the price index adjusted to the nearest one-tenth of 1 per centum. "(2) Effective April 1 of any year other than 1964 after the price index change shall have equaled a rise of at least 3 per centum, each annuity payable from the fund which has a commencing date earlier than January 2 of the preceding year shall be increased by the per centum rise in the price index adjusted to the nearest one-tenth of 1 per centum.

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